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- 1 TRX price witnessed follow-on selling momentum on the daily charts.
- 2 Buyers have lost their strength and are unwinding their long positions.
The TRON price (TRX) coin has taken a u-turn and was facing selling pressure in the last few trading sessions. Following the market downturn, the TRX price lost over 17% gains and is reflecting underperformance this month. This week, the coin has retested the neckline support region of $0.1100 and has formed a bearish piercing candlestick. Afterward, the coin faced rejection from the 100-day EMA mark and could not exceed the zone, signifying the seller dominance.
At press time, the TRON coin (TRX) price was trading at $0.1203 with an intraday drop of 0.38%, reflecting neutrality on the charts. It has a monthly return ratio of 1.90% and 86.89% on a yearly basis. The pair of TRON/BTC is at 0.00000171 BTC, and the market cap is $10.76 Billion. Analysts are neutral and suggest that TRON price may face range bound moves and will retest the 200-day EMA mark soon.
TRON Price Deliver Bearish Waves, Will Selloff Extend?
The above data showcased that, TRON price has delivered a V shaped reversal and has eroded the initial gains this month. The trend reversal led to investors squaring off their long positions as fresh selling pressure was witnessed last week. The TRON coin has slipped from the 20, 50 and 100-day EMA marks and is above the 200-day EMA. The intraday trading volume dropped over 17.89% to $389.50 Million.
The RSI curve stayed in the oversold region and witnessed a positive crossover on the charts. The technical indicators are suggesting that selling pressure may persist and the coin may retest the 200-day EMA mark soon.
Price Volatility and Sentiment Analysis
Following the price decline, the price volatility also went lower and dragged over 45% to 0.023, revealing a negative outlook. However, the total weighted sentiment remained average and the value stands near -0.407.
Social Dominance and Volume AI Outlook
The above data showcased the combined data of the social dominance and the social volume AI which reflected a negative stance. The social dominance value noted was below average, around 0.235%, whereas the social volume AI was noted around 22.
Development Activity and Open Interest Overview
Per the Santiment data, the derivative data signifies a short buildup activity and the open interest jumped over 5.33% to $65 Million. However, the development activity noted a severe decline and dropped over 167% to 1.14 reflected a negative outlook.
Per the Fib levels, the TRX coin has slipped below the 38.2% zone and is heading toward the 23.6% zone. Likewise, the MACD indicator shows a bearish crossover and suggests underperformance for the next sessions.
The total supply of the TRON coin is 89.45 billion and the volume to market cap ratio is 0.0362. Per the market cap, the TRON coin stands at 19 in the global crypto market.
Summary
The TRON coin (TRX) revealed a trend reversal and is facing selling pressure for the past sessions. Moreover, the technicals are suggesting volatility ahead and the coin may face a sell-off toward the 200-day EMA mark soon.
Technical Levels
Support Levels: $0.1100 and $0.1000
Resistance Levels: $0.1270 and $0.320
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
